The internationally defined and standardized INCOTERMS - current status: INCOTERMS 2000 - describe the terms of delivery to be determined in commercial business.
They focus on the definition of the transfers of risk, this means who takes the responsibility in case of the goods' sinking during transport by land and by water.
Common INCOTERMS are:
- EXW (Ex works)
- FOB (Free on Board)
- CIF (Cost, Insurance and Freight)
- DDU (Delivered Duty Unpaid)
- CPT (Carriage Paid To)
